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Vodafone profits down over Spain losses

Tue 13th Nov 2012
Vodafone profits down over Spain losses

Vodafone have reported big half-year losses thanks in part to problems in Spain and Italy.

For the six months ending Sept. 30, Vodafone made a loss of 2.48 bln, compared to a net profit of 8.35 bln on the sam eperiod in 2011.

Revenue fell 7% to 27.25 bln largely because of adverse currency movements.

Earlier today the company reported how the 7.38 bln impairment charge for Spain and Italy reflected lower projected cash flows and increased discount rates, which saw shares in the company opening 3% lower on the London stock exchange at 1.6155.

However Vodafone is also expecting to collect a payment of 3 bln dividend by the end of the year due to its 45% stake in Verizon Wireless, the U.S. joint venture with Verizon Communications Inc. Vodafone said it would use most of that dividend for a share buyback program worth 1.88 bln.

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